The minimum efficient scale of production is the level of production required for the
A. variable cost curve to reach its minimum.
B. average cost curve to reach its minimum.
C. long run average curve to reach its minimum.
D. marginal cost curve to reach its minimum.
Answer: C
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Marginal cost is defined as
a. ?Q/?TC b. TC /Q c. ?TC/?Q d. Q/TC
A worker pays a tax for Social Security at a constant rate up until a certain level of income is reached. Beyond that income level, no more Social Security tax is paid. The Social Security tax is an example of a
A) progressive tax. B) regressive tax. C) proportional tax. D) sales tax.
The work of a firm's manager is
a. entrepreneurship b. human capital c. labor d. more difficult and deserving of a higher reward than the work of labor e. essentially to assume risk and uncertainty
Ceteris paribus, if interest rates in the United States rise relative to those abroad, then the surplus in the U.S. capital account would
A. Become smaller and the dollar would depreciate. B. Grow larger and the dollar would depreciate. C. Grow larger and the dollar would appreciate. D. Become smaller and the dollar would appreciate.